Tiny and Tim each own half of the 100 outstanding shares of Flower Corporation. This...
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Tiny and Tim each own half of the outstanding shares of Flower Corporation. This year, Flower reported taxable income of $ In addition, Flower received $ of life insurance proceeds due to the death of an employee Flower paid $ in life insurance premiums this year Flower had $ of accumulated E&P at the beginning of the year. A What is Flowers current E&P B Flower distributed $ on February and $ on August What total amount of dividends will Tiny and Tim report? C What amount of capital gain if any would Tiny and Tim report on the distributions in part b if their stock bases are $ and $ respectively? D What form would Flower use to report nondividend distributions? E On what form line would Tiny and Tim report nondividend distributions?
Tiny and Tim each own half of the outstanding shares of Flower Corporation. This year, Flower reported taxable income of $ In addition, Flower received $ of life insurance proceeds due to the death of an employee Flower paid $ in life insurance premiums this year Flower had $ of accumulated E&P at the beginning of the year.
A What is Flowers current E&P
B Flower distributed $ on February and $ on August What total amount of dividends will Tiny and Tim report?
C What amount of capital gain if any would Tiny and Tim report on the distributions in part b if their stock bases are $ and $ respectively?
D What form would Flower use to report nondividend distributions?
E On what form line would Tiny and Tim report nondividend distributions?
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